Tank Talks By Ripple Ventures From Crisis to Success: The Fintech Pivot That Made Financeit a Market Leader with Michael Garrity
On this episode of Tank Talks, Matt Cohen sits down with Michael Garrity, Executive Chair and Founder of Financeit, alongside recurring guest, John Ruffolo. Michael shares his unconventional journey—from growing up in remote Canada to navigating the world of venture capital, fintech, and regulatory battles. He reveals how he pivoted CommunityLend after facing regulatory roadblocks, ultimately transforming it into Financeit, which became Canada’s largest point-of-sale lender for home improvement.
We also dive into:
* The hard lessons of scaling a fintech company
* How Goldman Sachs’ investment changed Financeit's trajectory (and the tough call that put the company up for sale)
* Why Canada needs better fintech regulations and open banking policies
* How tariffs, economic shifts, and political uncertainty are reshaping the fintech industry
* The resilience required to build and scale a successful business in Canada
Michael Garrity’s Journey from Politics to Fintech (00:01:00)
* How growing up in Northern Canada shaped his entrepreneurial mindset
* His unexpected path into venture capital and fintech
* What he learned from early-stage investing and Canada’s labor-sponsored funds
The CommunityLend Pivot: How Failure Led to a Billion-Dollar Business (00:05:00)
* Why Canada’s financial regulators blocked his first fintech startup
* The painful decision to pivot away from peer-to-peer lending
* How FinanceIt found product-market fit and scaled rapidly
Winning in Fintech: What It Takes to Build a Market Leader (00:12:00)
* The strategic acquisition of TD’s home improvement lending business
* How partnering with Goldman Sachs helped Financeit scale
* The biggest mistakes founders make when raising capital from big-name investors
The Future of Fintech & Canada’s Economic Challenges (00:25:00)
* Why Canada’s regulatory environment is stifling innovation
* How tariffs, inflation, and deglobalization are impacting Canadian businesses
* Why open banking is critical for fintech growth in Canada
Michael’s Advice for Founders & Leaders (00:40:00)
* Why the best founders have grit and adaptability
* How to navigate industry shakeups and market downturns
* Why trust, relationships, and strategic pivots matter more than ever
As Canada navigates economic uncertainty, fintech disruption, and regulatory battles, founders must adapt or risk being left behind. Michael Garrity’s story proves that persistence, strategic thinking, and a willingness to pivot are the keys to building a billion-dollar business. Will Canada’s fintech ecosystem rise to the challenge, or will regulatory roadblocks continue to hold it back?
About Michael Garrity
Michael Garrity is the Executive Chair and Founder of Financeit, a leading point-of-sale financing platform for home improvement projects in Canada.
Michael is a seasoned fintech entrepreneur who has built and scaled multiple financial technology businesses. His journey began in venture capital and early-stage investing, where he worked on Canada’s early labor-sponsored investment funds. He later co-founded CommunityLend, a peer-to-peer lending marketplace that faced regulatory challenges—leading to a high-stakes pivot that ultimately resulted in FinanceIt.
Under Michael’s leadership, FinanceIt grew into Canada’s dominant home improvement lender, with billions in loan originations and major financial backers, including Goldman Sachs. Today, he continues to shape the industry while advocating for open banking and smarter fintech regulations.
Follow Michael Garrity on LinkedIn: https://linkedin.com/in/michael-garrity-7a87152
Visit Financeit’s website: https://www.financeit.io/
Subscribe to our YouTube channel: https://www.youtube.com/@thetanktalkspodcast
Follow Matt Cohen on LinkedIn: https://linkedin.com/in/matt-cohen1
Visit the Ripple Ventures website: https://www.rippleventures.com/
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